Business: Fighting the Sag in Efficiency

A search for solutions as America loses ground

"Economists, the generals in our war against inflation, are fighting the wrong battle. We are told over and over again that the only cure for inflation is recession. I don't buy that. It's akin to cutting the head off when only a haircut is needed. You hold down the cost of living not by lengthening unemployment lines but by producing more goods and services more cheaply."

—Senator Lloyd Bentsen

For many noninflationary years, the U.S. produced more goods and services more cheaply by building new plants and lavishing billions on research and development....

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